This paper proposes a novel topology in the family of modular multilevel converter based power electronic transformers (MMC-PETs). Different from the existing MMC-PE Ts, an integrated switching pairs (ISP) is used as the new submodule of MMC, which is responsible for both the input and intermediate stages of PET. In other words, both two power conversion stages share a pair of switches. Therefore, compared with the traditional MMC-PET, two IGBTs and two diodes can be saved. Furthermore, a hybrid frequency modulation strategy is proposed for this new ISP-MMC-PET topology, which is able to achieve separation of high and low frequency modulation signals without using frequency selection networks. Simulation results in Matlab/Simulink validate the correctness and effectiveness of the proposed ISP-MMC-PET and the corresponding hybrid frequency modulation strategy.